Consumers, especially from younger generations, are demanding more exclusive and unique dining experiences, with traditional corporate players such as Maxim’s, Fulum, and Tao Heung suffering a decline in popularity. Leading players are thus introducing smaller brands, targeting customers looking for modern Asian cuisine.
Under strong competition from limited-service restaurants, full-service operators also introduced the concept of all-day dining to capture multiple revenue streams. While traditional full-service Chinese restaurants are still lagging behind, various European and North American restaurants are extending their menus to include breakfast and afternoon tea.
While third-party order apps continue to expand and grow in popularity, restaurant operators still rely heavily on dine-in receipts. The cost of recruiting drivers and managing logistics has been transferred to both operators and customers, discouraging users from ordering through the platforms due to a required minimum order amount and additional service charge.
Despite the general perception of North American restaurants as being somewhat unhealthy, Outback Steakhouse has successfully reversed its declining performance and revamped the brand by expanding its food menus to include seafood and veggie platters and updating store interiors to create a modern, lighter dining experience. Sales revenues have increased at a healthy rate since brand repositioning during the review period.
Pizza Express has strengthened its existing product offerings and diversified its menu with well-balanced, greener food choices. The brand partners with sustainable and plant-based food suppliers and has reinvented its offering to cater to local consumers, who tend to perceive pizza as a calorie-dense, unhealthy food.
Maxim’s Caterers, Tao Heung, and Fulum remain the leading players within the chained full-service restaurant sector. Given their mature capital flow and abundant resources, these companies are able to implement a diversified and comprehensive brand portfolio featuring various cuisines and price points to capture the broadest consumer groups and dining occasions.
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